In December 2025, the seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) was 48.6, increasing 0.2 points from November but remaining below 50 for the eleventh consecutive month. Manufacturers reported significant declines in output and new orders due to market uncertainty and tariff concerns.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times, and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. See S&P Global